You are buying a house and the mortgage company offers to let you pay a "point" (1.0% of the total amount of the loan) to reduce your APR from 6.47% to 6.22% on your $426,000, 30-year mortgage with monthly payments. If you plan to be in the house for at least five years, should you do it? (Note: Be careful not to round any intermediate steps less than six decimal places.) The balance of the mortgage at the end of five years at 6.47% APR is $ (Round to the nearest cent.) The balance of the mortgage at the end of five years at 6.22% APR is $. (Round to the nearest cent.) The principal reduction due to the lower interest rate is $. (Round to the nearest cent) The PV of the principal reduction is $. (Round to the nearest cont.) The net benefit or cost is $. (Round to the nearest cent.) The net benefit is therefore, you pay the point. (Select from the drop-down menus.)